[![Media Name: cjv34n1-cover.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/cjv34n1-cover.jpg?itok=3HpqDEYU)](https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/2/cato34n1issuelow.pdf) 

# Winter 2014 

Vol. 34 No. 1 

[ 

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](https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/2/cato34n1issuelow.pdf) 

In this <a href="[https://www.cato.org/cato-journal/winter-2014">issue](https://www.cato.org/cato-journal/winter-2014">issue) of the <em>Cato Journal</em></a>, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer <a href="[https://object.cato.org/sites/cato.org/files/serials/files/cato-journal…](https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/2/v34n1-1.pdf">one) prominent example</a> of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between <a>marginal tax rates and U.S. growth</a>, and Robert Krol looks at <a href="[https://object.cato.org/sites/cato.org/files/serials/files/cato-journal…](https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/2/v34n1-5.pdf">bias) in CBO and OMB economic forecasts</a>.

##### Articles 

#### [The Coasean Framework of the New York City Watershed Agreement ](/cato-journal/winter-2014/coasean-framework-new-york-city-watershed-agreement)

By Geoffrey Black, D. Allen Dalton, Samia Islam, & Aaron Batteen 

#### [Marginal Tax Rates and U.S. Growth: Flaws in the 2012 CRS Study ](/cato-journal/winter-2014/marginal-tax-rates-us-growth-flaws-2012-crs-study)

By Jason E. Taylor and Jerry L. Taylor 

#### [State Fiscal Policies for Budget Stabilization and Economic Growth: A Dynamic Scoring Analysis ](/cato-journal/winter-2014/state-fiscal-policies-budget-stabilization-economic-growth-dynamic-scoring)

By John Merrifield and Barry W. Poulson 

#### [The Medical Care Cost Ratchet ](/cato-journal/winter-2014/medical-care-cost-ratchet)

By Andrew Foy, Christopher Sciamanna, Mark Kozak, & Edward J. Filippone 

#### [Forecast Bias of Government Agencies ](/cato-journal/winter-2014/forecast-bias-government-agencies)

By Robert Krol 

#### [A Fresh Look at Climate Change ](/cato-journal/winter-2014/fresh-look-climate-change)

By Paul Ballonoff 

#### [Contingent Liability, Capital Requirements, and Financial Reform ](/cato-journal/winter-2014/contingent-liability-capital-requirements-financial-reform)

By Joshua R. Hendrickson 

#### [The Explicit Costs of Government Deposit Insurance ](/cato-journal/winter-2014/explicit-costs-government-deposit-insurance)

By [Thomas L. Hogan](https://www.cato.org/people/thomas%20l.-hogan) and [William J. Luther](https://www.cato.org/people/william-j-luther) 

#### [Pathological Altruism and Pathological Regulation ](/cato-journal/winter-2014/pathological-altruism-pathological-regulation)

By Paul H. Rubin 

##### Book Reviews 

##### [*Free Market Revolution: How Ayn Rand’s Ideas Can End Big Government* by Yaron Brook and Don Watkins](/cato-journal/winter-2014/free-market-revolution-how-ayn-rands-ideas-can-end-big-government)

By [Trevor Burrus](https://www.cato.org/people/trevor-burrus) 

##### [*Political Bubbles: Financial Crises and the Failure of American Democracy* by Nolan McCarty, Keith Poole, and Howard Rosenthal](/cato-journal/winter-2014/political-bubbles-financial-crises-failure-american-democracy)

By [Mark A. Calabria](https://www.cato.org/people/mark-calabria) 

##### [*The Bet: Paul Ehrlich, Julian Simon, and Our Gamble over Earth’s Future* by Paul Sabin](/cato-journal/winter-2014/bet-paul-ehrlich-julian-simon-our-gamble-over-earths-future)

By [Patrick J. Michaels](https://www.cato.org/people/patrick-michaels) 

##### [*The Great Rent Wars: New York 1917–1929* by Robert M. Fogelson](/cato-journal/winter-2014/great-rent-wars-new-york-1917-1929)

By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) 

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